Sarasota County Investment Policy 2018

Sarasota County Investment Policy 4 h. Other investments authorized by law or by resolution for a school district or a special district. B. COLLATERALREQUIREMENTS 1. General Requirements Sarasota County is required by the provisions in Florida Statutes, Chapter 280 to place its deposits only in a "qualified public depository", as defined in the Florida Statutes. Any deposit placed in a qualified public depository is deemed to be adequately collateralized. Subsequent failure by a qualified public depository to timely return public deposits to Sarasota County will be governed by Chapter 280, as amended. In the event of a repeal of Chapter 280, the County shall adopt alternative collateralization policies. 2. Repurchase Agreements The County is herewith required to seek collateral for any Repurchase Agreement, not covered under Florida Statutes, Chapter 280. Collateral placed for any repurchase agreement will be governed by the Master Repurchase Agreements executed between Sarasota County and the various security brokers, dealers and banks. The terms for collateral will be based on economic and financial conditions existing at the time of the repurchase agreement and credit risk of the particular broker, dealer or financial institution which enters into the repurchase agreement with Sarasota County. C. COUNTY FUNDS AND BOND RESOLUTION REQUIREMENTS 1. All County funds under the direct control of the Board of County Commissioners are herewith covered by these Investment Policies. 2. Certain funds are invested in compliance with specific investment policies contained within bond resolutions and official statements. Those policies were adopted in accordance with Florida Statutes Chapter 218.415, and are not in conflict with these Investment Policies. The investment of bond proceeds may be further limited or expanded by their respective bond resolutions or covenants and shall not be considered to be in conflict with the Investment Policy. II. INVESTMENTOBJECTIVES A. SAFETY OF CAPITAL Safety of capital is regarded as the highest priority in the handling of investments for Sarasota County. All other investment objectives are secondary to the safety of capital. Each investment transaction shall seek to first ensure that capital losses are avoided, whether they are from securities defaults or erosion of market value. From time to time, securities may be traded for other similar securities to improve yield, maturity or credit risk. For these types of transactions, a loss may be incurred for accounting purposes, provided any of the following occurs with respect to the replacement security:  The yield has been increased, or  The maturity has been reduced, or  The quality of the investment has been improved.